Don't forget to tape off anything that you don't want polished, including the rim. Its easy to accidentally scuff it when you are doing the hub. Green, wide painters tape will work great for taping the rim off.
Here are the steps I used:
1) Aircraft stripper to remove the paint.
2) Sand with 400 grit wet dry (wetsand)
3) A quick sand with 600 grit (wetsand)
4) Polish with 4 or 6 inch sisal wheel with Black emery polishing bar. (I used sisal for faster cutting of the finish, but a reinforced wheel would have been OK too. Clean off residue with Mothers Aluminum polish(7.99 @ canadian tire)
5) polish with White diamond polishing bar on reinforced yellow 4-6" buffing wheel. Clean residue with mothers.
6) Done!
I Used an 11,000 rpm grinder with the 6" buffing wheel and an extension attachment that I bought from these people. They do have all the stuff you need to polish, and Princess Auto also has many of the polishing accesssories too. Here is a pic similar to my setup:
http://caswellplating.com/buffs/grinderadapter.html